Australia Plans to Reveal Crypto Rule Framework in 2023

The Australian government released a token mapping consultation paper on Friday and has sought responses from stakeholders on it by March 3, 2023. This purpose of this consultation paper would be to identify appropriate obligations and operational standards for crypto asset service providers and how they safe-keep assets for customers.

In the token mapping consultation paper, the Australian government reveals its plans around crypto regulation. The plan is to "release a consultation paper proposing a licensing and custody framework for crypto asset service providers in mid-2023" because "after token mapping, licensing and custody reforms are the logical next step for crypto reforms in Australia."

TokenInsight notes, token mapping is the process of identifying the key activities and functions of products in the crypto ecosystem and mapping them against existing regulatory frameworks.